OK SB728

Establishes automatic termination of new sales tax exemptions enacted on or after July 1, 2011, which will expire five years after their effective date unless an earlier termination date is specified.

Applies to exemptions provided under Section 1356 (governmental and nonprofit entities) and Section 1357 (general exemptions) of Oklahoma's sales tax code.

Exempts from automatic termination any exemptions that already have a termination date occurring earlier than five years after their effective date.

Effective July 1, 2011, with emergency declaration allowing immediate implementation.